Monitoring uptrend channel.
• Gold is now monitoring the lower bound of the
uptrend channel. Hourly support is located at
1249 (intraday low). Stronger support is given at
1214 (09/05/2017 low). Expected to show
renewed upside pressures.
• In the long-term, the technical structure
suggests that there is a growing upside
momentum. A break of 1392 (17/03/2014) is
necessary ton confirm it, A major support can be
found at 1045 (05/02/2010 low).
(By Yann Quelenn)